Meta Platforms Inc (META) 2023 Q3 法說會逐字稿

Good afternoon. My name is Dave, and I will be your conference operator today. At this time, I would like to welcome everyone to the Meta Third Quarter Earnings Conference Call. (Operator Instructions) This call will be recorded. Thank you very much.

午安.我叫戴夫，今天我將擔任你們的電話會議主持人。現在，我歡迎大家參加 Meta 第三季財報電話會議。 （接線員指示）本次電話會議將會被錄音。非常感謝。

Ken Dorell, Meta's Director of Investor Relations, you may begin.

Meta 投資者關係總監 Ken Dorell，您可以開始。

Thank you. Good afternoon, and welcome to Meta Platform's Third Quarter 2023 Earnings Conference Call. Joining me today to discuss our results are Mark Zuckerberg, CEO; and Susan Li, CFO.

謝謝。下午好，歡迎參加 Meta Platform 2023 年第三季財報電話會議。今天，執行長馬克·祖克柏和財務長蘇珊·李將與我一起討論我們的業績。

Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's press release and in our quarterly report on Form 10-Q filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

在開始之前，我想藉此機會提醒大家，我們今天的發言將包含前瞻性陳述。實際結果可能與這些前瞻性陳述所預期的結果有重大差異。可能導致這些結果出現重大差異的因素已在今天的新聞稿以及我們向美國證券交易委員會提交的10-Q表季度報告中列明。我們在本次電話會議上所做的任何前瞻性陳述均基於截至今天的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

During this call, we will present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The press release and an accompanying investor presentation are available on our website at investor.fb.com.

在本次電話會議中，我們將介紹 GAAP 和部分非 GAAP 財務指標。今天的收益新聞稿中包含 GAAP 與非 GAAP 指標的對帳表。新聞稿及隨附的投資者簡報可在我們的網站 investor.fb.com 上取得。

And now I'd like to turn the call over to Mark.

現在我想把電話轉給馬克。

All right. Thanks, Ken. Thanks, everyone, for joining today. This was a good quarter for our community and our business. We estimate that there are now more than 3.9 billion people who use at least one of our apps every month. The big product news this quarter is that we just held our annual Connect conference. And we discussed Quest 3, which is the first mainstream mixed reality device, and the next generation of Ray-Ban Meta smart glasses, which is the first smart glasses with our Meta AI built in.

好的。謝謝，Ken。感謝大家今天的參與。對於我們的社區和業務來說，這是一個不錯的季度。我們估計，目前每月有超過39億人至少使用一款我們的應用程式。本季最重要的產品新聞是我們剛剛舉辦了年度Connect大會。我們討論了Quest 3，這是第一款主流混合實境設備，以及下一代雷朋Meta智慧眼鏡，這是第一款內建Meta AI的智慧眼鏡。

There continues to be a ton of innovation in AI, and we used Connect to describe and start launching a lot of the new consumer AI experiences that we expect to become meaningful parts of all of our apps and our business over the coming years. We started rolling out Meta AI, our new assistant that you can access across all our messaging experiences and smart glasses to answer questions, get access to real-time information and generate photorealistic images. We started launching our AI studio platform that enables people to create and interact with lots of different AIs for help getting things done and just having fun.

人工智慧領域持續湧現大量創新，我們利用 Connect 大會來描述並開始推出許多全新的消費者人工智慧體驗，我們預計這些體驗將在未來幾年成為我們所有應用和業務的重要組成部分。我們開始推出 Meta AI，這是我們的新助手，您可以在我們所有的即時通訊體驗和智慧眼鏡中使用它來回答問題、獲取即時資訊並產生逼真的影像。我們開始推出我們的人工智慧工作室平台，讓人們能夠創建並與各種不同的人工智慧互動，幫助他們完成任務並獲得樂趣。

We rolled out Emu, our image creation model that produces high-quality images and stickers fast. We launched an early alpha of business AI so that eventually every business can have an AI to interface with customers to do sales and support. And we let out the plan to launch creator AIs next year, so every creator can have an AI that their fans can engage with to help them build out their community. And that's just a snapshot of some of the AI works that we're doing.

我們推出了 Emu，這是我們的圖像創作模型，可以快速產生高品質的圖像和貼紙。我們發布了商業 AI 的早期 Alpha 測試版，最終讓每家企業都能擁有一個 AI 與客戶互動，進行銷售和支援。我們也計劃明年推出創作者 AI，讓每位創作者都能擁有一個 AI，與粉絲互動，幫助他們建立社群。以上只是我們正在進行的一些 AI 工作的冰山一角。

The experiences that we started rolling out at Connect are going to transform the way that people use all our services, feeds, messaging, hardware, advertising, business messaging, interacting with creators and more. But it's going to take time to tune all of these experiences before hundreds of millions or billions of people are going to use them. And I expect that dialing in these products and the vision that we articulated at Connect is going to be our theme for much of the next year. And I think that it's going to be a very exciting 2024.

我們在 Connect 上推出的體驗將徹底改變人們使用我們所有服務的方式，包括訊息流、訊息傳遞、硬體、廣告、商業訊息、與創作者互動等等。但在數億甚至數十億人真正使用之前，所有這些體驗的完善仍需要時間。我預計，在明年的大部分時間裡，這些產品的完善以及我們在 Connect 上闡述的願景將成為我們的主題。我相信，2024 年將會非常令人興奮。

As we're looking ahead and planning for next year, I want to share a few thoughts on what I'm expecting. I've been happy with our results this year so far. And we are planning to continue focusing on operating efficiently going forward, both because it creates a more disciplined and lean culture and also because it provides stability to see our long-term initiatives through in a very volatile world.

在我們展望未來、規劃明年之際，我想分享一些我的預期。我對今年迄今為止的業績感到滿意。我們計劃在未來繼續專注於高效運營，這不僅是為了打造更自律、更精益的企業文化，也是為了在這個動盪的世界中，為我們的長期計劃提供穩定性。

Now in terms of investment priorities, AI will be our biggest investment area in 2024, both in engineering and compute resources. But I want to avoid allocating a lot of new headcount. So we're going to continue deprioritizing a number of non-AI projects across the company to shift people towards working on AI instead.

就投資重點而言，人工智慧將是我們在2024年最大的投資領域，包括工程和運算資源。但我希望避免大量新增員工。因此，我們將繼續降低公司範圍內一些非人工智慧專案的優先級，將人員轉向人工智慧領域。

On the recruiting front, one dynamic that I want to flag is that we have a sizable hiring backlog right now since part of our layoffs earlier this year included teams swapping out certain skill sets for being able to hire others. And we're still going to be hiring those roles into 2024. So that means that even though we're going -- even though we're planning to grow headcount at a much slower rate going forward, the actual rate next year may temporarily be faster as we work through this hiring backlog.

在招募方面，我想強調的一個動態是，我們目前有大量的招募積壓，因為今年稍早的部分裁員包括一些團隊為了招募新員工而取代某些技能組合。而且，我們仍將招募這些職位到2024年。這意味著，即使我們計劃在未來以更慢的速度增加員工人數，但隨著我們處理這些積壓的招聘工作，明年的實際成長速度可能會暫時加快。

All right. Now let's get into our product updates. Let's start with Reels, which continues to do very well. We estimate that with all the ranking and product improvements that we've made, Reels has now driven more than 40% increase in time spent on Instagram since launch. We also reached a monetization milestone earlier than expected, and we estimate that Reels is now net neutral to overall company ad revenue. In many ways, Reels has now graduated from being an early initiative to now being a core part of our apps. So going forward, we're going to continue focusing on Reels, but we'll also look at growing it as part of our overall portfolio of video services, which make up more than half of the time that is spent on Facebook and Instagram. And there's a lot more to do across all of these.

好的。現在讓我們來看看我們的產品更新。首先是Reels，它的表現持續出色。我們估計，憑藉我們所做的所有排名和產品改進，Reels自推出以來已推動Instagram用戶使用時間成長了40%以上。我們也比預期更早實現了獲利里程碑，我們估計Reels現在對公司整體廣告收入的影響為淨中性。從許多方面來看，Reels已經從一個早期專案發展成為我們應用程式的核心部分。因此，展望未來，我們將繼續專注於Reels，但我們也會考慮將其發展成為我們整體視訊服務組合的一部分，這些服務佔據了Facebook和Instagram用戶使用時間的一半以上。所有這些方面都還有很多工作要做。

All right. AI. AI advances are driving a lot of our product and business performance. Generative AI will increasingly be important going forward. I outlined our product road map earlier. And on top of that, we're also building foundation models like Llama 2, which we believe is now the leading open-source model with more than 30 million Llama downloads last month. Beyond that, there was also a different set of sophisticated recommendation AI systems that powers our Feeds, Reels, ads and integrity systems. And this technology has less hype right now than generative AI, but it is also very important and improving very quickly.

好的。人工智慧.人工智慧的進步正在推動我們許多產品和業務的績效。生成式人工智慧在未來將變得越來越重要。我之前概述了我們的產品路線圖。除此之外，我們也正在建立像Llama 2這樣的基礎模型，我們相信它是目前領先的開源模型，上個月Llama的下載量超過3000萬次。除此之外，還有一套不同的複雜推薦人工智慧系統，為我們的Feeds、Reels、廣告和誠信系統提供支援。這項技術目前不像生成式人工智慧那樣受到熱捧，但它也非常重要，並且正在快速改進。

AI-driven feed recommendations continue to grow their impact on incremental engagement. This year alone, we've seen a 7% increase in time spent on Facebook and a 6% increase on Instagram as a result of recommendation improvements. Our AI tools for advertisers are also driving results with Advantage+ shopping campaigns, reaching a $10 billion run rate and more than half of our advertisers using our Advantage+ creative tools to optimize images and text in their ads creative.

AI 驅動的資訊流推薦對提升用戶參與度的影響力持續增強。光是今年，由於推薦功能的改進，Facebook 用戶使用時間成長了 7%，Instagram 用戶使用時間增加了 6%。我們為廣告主提供的 AI 工具也協助 Advantage+ 購物廣告活動取得了顯著成效，其營運成本已達到 100 億美元，超過一半的廣告主使用 Advantage+ 創意工具來優化其廣告素材中的圖片和文字。

Business messaging also continues to grow across our services and I believe will be the next major pillar of our business. There are more than 600 million conversations between people and businesses every day on our platforms. To give you a sense of what this could look like when it's scaled globally, every week now, more than 60% of people on WhatsApp in India message a business app account. Revenue from click-to-message ads in India has doubled year-over-year. Now I think that this is going to be a really big opportunity for our new business AIs that I talked about earlier that we hope will enable any business to easily set up an AI that people can message to help with commerce and support.

商業訊息功能在我們的服務中也持續成長，我相信它將成為我們業務的下一個主要支柱。在我們的平台上，個人與企業之間每天有超過6億次對話。為了讓大家了解一下，當它在全球擴展時，會是什麼樣子，現在每週，印度超過60%的WhatsApp用戶都會向商業應用程式帳號發送訊息。印度點擊訊息廣告的營收年增了一倍。現在，我認為這將為我之前提到的我們新的商業人工智慧帶來一個巨大的機會，我們希望它能夠讓任何企業都能夠輕鬆地設定一個人工智慧，人們可以透過它發送訊息來幫助商業活動並提供支援。

Today, most commerce and messaging is in countries where the cost of labor is low enough that it makes sense for businesses to have people corresponding with customers over text. And in those countries like Thailand or Vietnam, there's a huge amount of commerce that happens in this way. But in lots of parts of the world, the cost of labor is too expensive for this to be viable. But with business AIs, we have the opportunity to bring down that cost and expand commerce and messaging into larger economies across the world. So making business AIs work for more businesses is going to be an important focus for us into 2024.

如今，大多數商務和訊息傳遞活動都發生在勞動力成本足夠低的國家，因此企業派人透過簡訊與客戶溝通是合理的。在泰國或越南等國家，大量的商務活動都以這種方式進行。但在世界許多地方，勞動成本太昂貴，這種方式難以實現。但有了商業人工智慧，我們就有機會降低成本，並將商務和資訊傳遞擴展到全球更大的經濟體。因此，讓商業人工智慧服務更多企業將成為我們2024年的重點。

I want to give a quick update on Threads. We're 3 months in now, and I'm very happy with the trajectory. There are just under 100 million monthly actives at this point. And we're now getting to the point where we're going to be focusing on growing the community further. From what we can tell, people love it so far. I thought for a long time that there should be a 1 billion-person public conversations app that is a bit more positive. And I think that if we keep at this for a few more years, then I think we have a good chance of achieving our vision there.

我想快速更新Threads的最新情況。我們上線已經三個月了，我對目前的發展軌跡非常滿意。目前，它的每月活躍用戶數接近1億。現在我們正處於一個關鍵階段，將專注於進一步壯大社區。根據我們目前所了解的情況，大家非常喜歡它。我很久以前就想，應該有一個擁有10億用戶的公共對話應用，這聽起來可能會更積極一些。我認為，如果我們再堅持幾年，我們就很有可能實現我們的願景。

All right. Now finally, in addition to AI, our other major long-term focus is the metaverse. And we just launched Quest 3, our most powerful headset yet at a very competitive price. We packed a lot of improvements in there, including a next-generation chipset with 2x the graphics performance, our best displays yet and a form factor that's 40% thinner than Quest 2. But the most important breakthrough for Quest 3 is that it's the first mainstream mixed reality device. And that means that when you put on the device, you see your physical room around you, and you can bring digital objects and games into your physical space, whether that's a ping-pong table or your workstation, a big-screen TV to play Xbox games on or your friends as holograms. The early reviews have been great, and it's been fun to see how people respond to this.

好的。最後，除了人工智慧之外，我們另一個長期關注的重點是元宇宙。我們剛剛發布了Quest 3，這是我們迄今為止功能最強大的頭顯，價格也極具競爭力。我們在這款頭顯中加入了許多改進，包括圖形性能提升兩倍的新一代晶片組、我們迄今為止最好的顯示屏，以及比Quest 2薄40%的機身尺寸。但Quest 3最重要的突破在於它是首款主流混合實境裝置。這意味著當你戴上這款裝置時，你可以看到周圍的實體空間，並且可以將數位物件和遊戲帶入你的實體空間，無論是乒乓球桌還是你的工作站，無論是用來玩Xbox遊戲的大螢幕電視，還是以全像影像的形式呈現的好友。早期的評價非常出色，看到大家對此的反應也很有趣。

We also launched the next generation of Ray-Ban Meta smart glasses. They're upgraded from the first generation in basically every way, better camera, clearer audio. They're lighter. They have more styles. And you can now even live-stream video from them. But most importantly, these are the first smart glasses shipping with Meta AI built in. So you can ask your glasses questions throughout the day, and it'll answer them right in your ear. And in many ways, glasses are the ideal form factor for an AI device because they enable your AI assistant to see what you see and hear what you hear. Again, it's good to see the early reviews are so positive, and I'm looking forward to the space evolving quickly over the coming years.

我們也推出了新一代雷朋 Meta 智慧眼鏡。它幾乎在所有方面都比第一代有所升級，包括更強大的相機、更清晰的音質、更輕的重量、更多款式。現在你甚至可以用它進行視訊直播。最重要的是，這是第一款內建 Meta AI 的智慧眼鏡。你可以整天向眼鏡提問，它會直接在你的耳邊為你解答。從很多方面來看，眼鏡是人工智慧設備的理想選擇，因為它能讓你的人工智慧助理看到你所看到的內容，並聽到你所聽到的內容。再次，我很高興看到早期的評價如此積極，我期待著未來幾年這個領域的快速發展。

We are also making progress on software for the metaverse, too. Horizon is now growing faster as more new worlds like Super Rumble and Citadel come online. We also started testing Horizon for phones, tablets and PCs, which is going to be an important part of how we build out the metaverse across devices. And we've had a couple of important milestones with avatars as well, both for our expressive avatars and the latest Codec Avatars that I showed off recently.

我們在元宇宙的軟體開發方面也取得了進展。隨著“超級隆隆聲”和“城堡”等更多新世界的上線，Horizo​​​​n 的發展速度正在加快。我們也開始在手機、平板電腦和 PC 上測試 Horizo​​n，這將成為我們建立跨裝置元宇宙的重要組成部分。此外，我們在虛擬形象方面也取得了一些重要的里程碑，包括我們富有表現力的虛擬形像以及我最近展示的最新 Codec Avatars。

Now as I said at Connect, I think one of the most interesting questions for our industry over the coming decades is going to be how we bring together our physical and digital worlds into a coherent and good experience. I think we're starting to see some of the building blocks come together between mixed reality for bringing digital objects into the physical world, our AI studio work for enabling interactions with all kinds of different AIs and eventually smart glasses to bring all this together into a stylish form factor. So I am very excited about the road map ahead.

正如我在 Connect 大會上所說，我認為未來幾十年我們行業最有趣的問題之一，是如何將實體世界和數位世界融合，創造出一種連貫且良好的體驗。我認為，我們正開始看到一些基礎技術融合在一起，包括將數位物件帶入物理世界的混合實境技術、實現與各種不同人工智慧互動的人工智慧工作室工作，以及最終將所有這些融合成時尚外形的智慧眼鏡。因此，我對未來的發展路線圖感到非常興奮。

All right. That is my update for today. This was a good quarter. I'm pleased with our progress on efficiency this year. We're a leaner organization, shipping faster and advancing the state of the art in all of our long-term initiatives. And while investing heavily for the future, we also just recorded our highest operating margin in 2 years. So I'm looking forward to carrying this product momentum and operating discipline forward. As always, thank you to everyone on our team and all of you who are on this journey with us.

好的。這就是我今天的更新。這是一個不錯的季度。我對我們今年在效率方面取得的進展感到滿意。我們的組織更加精簡，發貨速度更快，並在所有長期計劃中提升了技術水平。在大力投資未來發展的同時，我們也剛創下了兩年來最高的營業利益率。因此，我期待著繼續保持這種產品動能和營運紀律。一如既往，感謝我們團隊的每一位成員，以及所有與我們同行的各位。

And now here's Susan.

現在請蘇珊發言。

Thanks, Mark, and good afternoon, everyone. Let's begin with our consolidated results. All comparisons are on a year-over-year basis, unless otherwise noted.

謝謝馬克，大家下午好。我們先來看看合併業績。除非另有說明，所有比較均為同比數據。

Q3 total revenue was $34.1 billion, up 23% or 21% on a constant currency basis. Q3 total expenses were $20.4 billion, down 7% compared to last year. In terms of the specific line items, cost of revenue increased 9% as higher infrastructure-related costs were partially offset by lower content costs. R&D increased 1% as higher headcount-related costs from Family of Apps and Reality Labs were partially offset by lower non-headcount-related Reality Labs operating expenses. Marketing and sales decreased 24% due primarily to lower marketing spend and headcount-related costs. G&A decreased 39% due primarily to lower legal-related expenses.

第三季總營收為341億美元，成長23%，以固定匯率計算成長21%。第三季總支出為204億美元，較去年下降7%。具體項目方面，收入成本成長9%，原因是基礎設施相關成本的增加被內容成本的降低部分抵銷。研發費用成長1%，原因是應用系列和現實實驗室的員工相關成本增加，被非員工相關現實實驗室營運費用的降低部分抵銷。行銷和銷售費用下降24%，主要原因是行銷支出和員工相關成本的減少。一般及行政費用下降39%，主要原因是法律相關費用的減少。

We ended the quarter with over 66,100 employees, down 7% from the second quarter. Our third quarter headcount no longer included the substantial majority of the employees impacted by the previously announced layoffs.

本季末，我們員工總數超過66,100人，較第二季下降7%。第三季的員工總數已不再包含先前宣布的裁員計畫中受影響的絕大多數員工。

Third quarter operating income was $13.7 billion, representing a 40% operating margin. Our tax rate for the quarter was 17%. Net income was $11.6 billion or $4.39 per share. Capital expenditures, including principal payments on finance leases, were $6.8 billion, driven by investments in servers, data centers and network infrastructure. Capital expenditures were below the prior year levels, primarily due to lower server and data center construction spend as we prepared to shift to our new data center design as well as payment timing.

第三季營運利潤為137億美元，營運利潤率為40%。本季我們的稅率為17%。淨利116億美元，合每股4.39美元。資本支出（包括融資租賃的本金支付）為68億美元，主要由對伺服器、資料中心和網路基礎設施的投資推動。資本支出低於去年同期水平，主要原因是我們準備轉向新的資料中心設計，導致伺服器和資料中心建設支出減少，以及付款時間表有所調整。

Free cash flow was $13.6 billion, benefiting from a deferral of income taxes, which was paid in the fourth quarter. We repurchased $3.7 billion of our Class A common stock in the third quarter and ended the quarter with $61.1 billion in cash and marketable securities and $18.4 billion in debt.

自由現金流為136億美元，受益於第四季支付的所得稅遞延。我們在第三季回購了37億美元的A類普通股，本季末現金及有價證券總額為611億美元，負債總額為184億美元。

Moving now to our segment results. I'll begin with our Family of Apps segment. Our community across the Family of Apps continues to grow. We estimate that approximately 3.14 billion people used at least one of our Family of Apps on a daily basis in September and that approximately 3.96 billion people used at least one on a monthly basis. Facebook continues to grow globally, and engagement remains strong. Facebook daily active users were 2.09 billion, up 5% or 101 million compared to last year. DAUs represented approximately 68% of the 3.05 billion monthly active users in September. MAUs grew by 91 million or 3% compared to last year.

現在來看看我們各部門的業績。首先從「應用家族」部門開始。我們的「應用家族」社群持續成長。我們估計，9 月每天約有 31.4 億人至少使用一款我們的“應用家族”，每月約有 39.6 億人至少使用一款。 Facebook 在全球持續成長，用戶參與度依然強勁。 Facebook 日活躍用戶為 20.9 億，較去年成長 1.01 億，成長 5%。 9 月份，每日活躍用戶 (DAU) 約佔 30.5 億月活躍用戶的 68%。月活躍用戶 (MAU) 較去年增長 9,100 萬，成長 3%。

Q3 total Family of Apps revenue was $33.9 billion, up 24% year-over-year. Q3 Family of Apps ad revenue was $33.6 billion, up 24% or 21% on a constant currency basis. Within ad revenue, the online commerce vertical was the largest contributor to year-over-year growth, followed by CPG and gaming. Online commerce and gaming benefited from strong spend among advertisers in China reaching customers in other markets. On a user geography basis, ad revenue growth was strongest in Rest of World and Europe at 36% and 35%, respectively, followed by Asia Pacific at 19% and North America at 17%. Foreign currency was a tailwind to advertising revenue growth in all international regions.

第三季應用家族總營收為 339 億美元，年增 24%。第三季應用程式家族廣告營收為 336 億美元，成長 24%，以固定匯率計算成長 21%。在廣告收入中，線上商務垂直領域是年成長的最大貢獻者，其次是快速消費品 (CPG) 和遊戲。線上商務和遊戲受益於中國廣告商的強勁支出，這些支出覆蓋了其他市場的客戶。按用戶地理劃分，廣告收入增幅最大的是世界其他地區和歐洲，分別為 36% 和 35%，其次是亞太地區 (19%) 和北美地區 (17%)。外幣是所有國際地區廣告收入成長的動力。

In Q3, the total number of ad impressions served across our services increased 31%, and the average price per ad decreased 6%. Impression growth was mainly driven by Asia Pacific and Rest of World. The year-over-year decline in pricing was driven by strong impression growth, especially from lower monetizing services and regions. While overall pricing remains under pressure from these factors, we believe our ongoing improvements to add targeting and measurement are continuing to drive improved results for advertisers.

第三季度，我們各項服務的廣告展示總數增加了31%，平均單價下降了6%。展示量的成長主要來自亞太地區和世界其他地區。價格年減的原因是展示量成長強勁，尤其是來自獲利能力較低的服務和地區的成長。儘管這些因素仍然對整體定價造成壓力，但我們相信，我們持續改善定位和衡量機制，將繼續為廣告主帶來更好的績效。

Family of Apps other revenue was $293 million in Q3, up 53%, driven by strong business messaging revenue growth from our WhatsApp Business platform. We continue to direct the majority of our investments toward the development and operation of our Family of Apps. In Q3, Family of Apps expenses were $16.4 billion, representing approximately 81% of our overall expenses. FoA expenses were down 9% as growth in infrastructure-related costs was more than offset by lower legal-related expenses, marketing and headcount-related costs. Family of Apps operating income was $17.5 billion, representing a 52% operating margin.

第三季度，應用程式系列其他營收為 2.93 億美元，成長 53%，這得益於 WhatsApp Business 平台強勁的商業通訊收入成長。我們繼續將大部分投資用於應用系列的開發和營運。第三季度，應用程式系列支出為 164 億美元，約占我們總支出的 81%。 FoA 支出下降了 9%，因為基礎設施相關成本的成長被法律相關費用、行銷和員工相關成本的降低所抵消。應用系列營運收入為 175 億美元，營運利潤率為 52%。

Within our Reality Labs segment, Q3 revenue was $210 million, down 26% due primarily to lower Quest 2 sales. Reality Labs expenses were $4 billion, flat year-over-year as higher headcount-related expenses were offset by lower non-headcount-related operating expenses. Reality Labs operating loss was $3.7 billion.

在我們的現實實驗室 (Reality Labs) 部門，第三季營收為 2.1 億美元，下降 26%，主要原因是 Quest 2 銷量下降。現實實驗室的支出為 40 億美元，與去年同期持平，因為員工相關支出的增加被非員工相關營運支出的減少所抵消。現實實驗室的營運虧損為 37 億美元。

Turning now to the business outlook. There are 2 primary factors that drive our revenue performance: our ability to deliver engaging experiences for our community and our effectiveness at monetizing that engagement over time. On the first, overall engagement on Facebook and Instagram remains strong. Reels and video content more broadly continues to grow and drive incremental engagement. AI-recommended content from unconnected accounts and feed continues to become increasingly incremental to engagement, including in the U.S. and Canada. These gains are being driven by improvements to our recommendation systems, and we see additional opportunities to advance our systems even further in the future as we deploy more advanced models.

現在談談業務前景。推動我們收入表現的主要因素有兩個：我們為社區提供引人入勝體驗的能力，以及我們隨著時間的推移有效地將這種參與度貨幣化。首先，Facebook 和 Instagram 上的整體參與度依然強勁。 Reels 和影片內容在更廣泛的範圍內持續成長，並推動了參與度的提升。來自未關聯帳戶和動態消息的 AI 推薦內容持續增加參與度，包括在美國和加拿大。這些成長得益於我們推薦系統的改進，隨著我們部署更先進的模型，我們看到未來有更多機會進一步改進我們的系統。

We're also developing entirely new experiences for our community. Our investments in AI capacity in recent years have enabled us to support leading generative AI research, and we're meaningfully accelerating the pace of bringing that research into our products. We launched our first consumer gen AI experiences last month that are built on top of our foundation models and are excited to learn from how people use these tools to make them increasingly valuable over time. Aside from generative AI, Threads also remains a compelling long-term opportunity, and we're excited to build on the strong product momentum we have going into next year.

我們也正在為社區開發全新的體驗。近年來，我們在人工智慧能力方面的投入使我們能夠支援領先的生成式人工智慧研究，並且我們正在大幅加快將這些研究成果融入我們產品的步伐。上個月，我們推出了基於基礎模型構建的首個消費者級人工智慧體驗，並期待從用戶使用這些工具的方式中學習，從而讓它們隨著時間的推移而不斷增值。除了生成式人工智慧之外，Threads 仍然是一個極具吸引力的長期發展機會，我們很高興能夠在明年繼續保持強勁的產品動能。

Turning to the second driver, improving monetization. Here, our focus is on continuing to drive marketing performance for businesses, including through business messaging. There are 4 areas of this work: improving Reels monetization, creating engaging on-platform ad experiences, making it easier for advertisers to connect their marketing data and increasingly leveraging AI across our ad systems and products.

第二個驅動力是提升獲利能力。在這方面，我們的重點是持續提升企業的行銷績效，包括透過企業訊息傳遞。這項工作涵蓋四個面向：提升 Reels 的獲利能力、打造引人入勝的平台廣告體驗、讓廣告主更輕鬆地連結行銷數據，以及在我們的廣告系統和產品中不斷提升人工智慧的應用。

On Reels, we have continued to improve monetization and are now at a level where Reels is neutral to overall revenue. We've made tremendous progress over the last year, building and scaling Reels as a consumer product, and it has now become part of the core experience on Instagram and Facebook. As such, we don't anticipate quantifying the net revenue contribution from Reels going forward.

在Reels方面，我們持續提升了獲利能力，目前Reels對整體營收的影響已達到中性水準。過去一年，我們取得了巨大進步，將Reels打造並擴展為一款消費性產品，如今它已成為Instagram和Facebook核心體驗的一部分。因此，我們預計未來不會量化Reels的淨收入貢獻。

We will still work to further improve Reels ads performance through ranking improvements and making Reels ads increasingly interactive while also growing supply to give businesses more opportunities to get in front of people. We anticipate this ongoing work will help Reels be a modest tailwind to revenue in 2024 while we continue to strike the right balance between engagement and revenue growth. But our focus going forward will be on growing revenue and engagement on overall video and more holistically across our product lines within Instagram and Facebook.

我們仍將致力於進一步提升 Reels 廣告的效果，包括提升排名、增強 Reels 廣告的互動性，以及增加廣告投放量，為企業提供更多展示機會。我們預計，這項持續改善將有助於 Reels 在 2024 年為 Reels 帶來適度的收入成長，同時我們將繼續在互動率和收入成長之間取得適當的平衡。但未來的重點將放在提升整體影片廣告的收入和互動率，以及更全面地提升 Instagram 和 Facebook 等產品線的收入和互動率。

Next, on-site experiences. We're seeing sustained momentum with click-to-message ads. Click-to-WhatsApp ad revenue continues to grow very quickly in particular and is already at a multibillion-dollar annual run rate. We're progressing on our work to enable further down-the-funnel conversions. And longer term, we're excited about the potential of AI to help businesses message with customers more efficiently at scale. We've recently started testing AI capabilities with a few partners, and we'll take our time to get the experience right, but we believe this will be a big unlock for business messaging in the future.

接下來是現場體驗。我們看到點擊訊息廣告持續成長動能。尤其是 WhatsApp 點擊廣告收入持續快速成長，年營運收入已達數十億美元。我們正在推動進一步實現漏斗下端轉換的工作。從長遠來看，我們對人工智慧幫助企業更有效率地與客戶進行大規模資訊傳遞的潛力感到興奮。我們最近開始與一些合作夥伴測試人工智慧功能，我們會花時間完善體驗，但我們相信，這將成為未來商業訊息傳遞的一大突破。

We're also excited about the potential for paid messaging, which serves as a nice complement to click-to-messaging ads by helping businesses develop ongoing relationships with customers once they're in a messaging thread. Outside of business messaging, we're seeing good early traction with shops ads. And in the third quarter, we announced expanded commerce integrations with third-party services to make it easier for businesses to set up a Facebook or Instagram shop and run shops ads.

我們也對付費訊息傳遞的潛力感到興奮，它與點擊訊息廣告形成了良好的補充，可以幫助企業在客戶進入訊息傳遞線索後與他們建立持續的關係。除了商業訊息傳遞之外，我們看到商店廣告的早期發展勢頭良好。在第三季度，我們宣布擴大與第三方服務的商業集成，使企業能夠更輕鬆地在 Facebook 或 Instagram 上開設商店並投放商店廣告。

The third piece of our work is making it easier for advertisers to connect their marketing data. We're investing in ways to make it easier for advertisers to adopt our Conversions API, understand its impact and use it across a broader set of objectives. In addition to our existing support for AWS, in September, we announced the support of Google Cloud for the Conversions API Gateway. We've also introduced enhanced reporting and rolled out Conversions API for business messaging so click-to-message advertisers can now better understand the value of WhatsApp and Messenger and improve their performance.

我們的第三項工作是讓廣告主更輕鬆地連結他們的行銷數據。我們正在投入各種方法，讓廣告主更容易採用我們的 Conversions API，了解其影響，並將其應用於更廣泛的目標。除了現有的對 AWS 的支援外，我們在 9 月宣布了對 Google Cloud 的 Conversions API 閘道支援。我們還推出了增強型報告功能，並推出了用於商業訊息傳遞的 Conversions API，以便點擊訊息廣告商現在可以更好地了解 WhatsApp 和 Messenger 的價值並提升其績效。

Last, AI. We are leveraging AI across our ad systems and suite of products, which is driving improved performance for advertisers. We're increasingly adopting the use of larger, more advanced ads models and using AI to power ads products that provide increased automation to advertisers. We're seeing strong traction with our Advantage+ shopping solution, particularly around online commerce and CPG advertisers looking to drive online sales. And we're continuing to invest in several other products within our Meta Advantage+ suite to help advertisers optimize and automate more of their campaigns.

最後，人工智慧。我們正在將人工智慧應用於我們的廣告系統和產品套件，從而提升廣告主的績效。我們正越來越多地採用更大、更先進的廣告模型，並利用人工智慧來驅動廣告產品，從而為廣告主提供更高的自動化程度。我們的 Advantage+ 購物解決方案正獲得強勁成長，尤其是在線上商務和希望提升線上銷售的快速消費品廣告主領域。此外，我們還將繼續投資 Meta Advantage+ 套件中的其他幾款產品，以幫助廣告主優化和自動化更多廣告活動。

Before turning to our revenue outlook, I'd like to provide color on our hiring plans as we look to 2024. One important point to note is that we are currently operating with a significant underrun against our 2023 budgeted headcount. For much of late 2022 and early 2023, we had instituted a broad-based hiring freeze as we undertook our restructuring efforts. In addition, as part of those restructuring efforts, many teams elected to make deeper headcount reductions in order to hire different skill sets that they need. We have since resumed hiring but expect that much of our hiring that was originally planned for and budgeted in 2023 will occur in 2024.

在談到我們的收入前景之前，我想先介紹一下我們展望2024年的招募計畫。需要注意的一點是，我們目前的營運規模遠低於2023年的預算員工人數。在2022年末和2023年初的大部分時間裡，我們實施了廣泛的招聘凍結，以進行重組工作。此外，作為重組工作的一部分，許多團隊選擇進一步裁員，以招募他們需要的不同技能的人才。我們現在已經恢復招聘，但預計原計劃在2023年進行的大部分招聘將在2024年完成。

As part of our 2024 budget, we plan to selectively allocate incremental headcount toward 4 key company priorities: AI, infrastructure, Reality Labs and monetization as well as toward our regulatory and compliance needs. Of those areas, we expect AI to be the largest area of increased investment as we further invest in generative AI across our core products, internal tooling and research efforts. We aim to offset some of this growth by continuing our efficiency focus and reducing planned hiring in other areas across the company in 2024.

作為2024年預算的一部分，我們計劃選擇性地將新增員工人數分配給公司四大關鍵優先事項：人工智慧、基礎設施、現實實驗室和貨幣化，以及滿足我們的監管與合規需求。在這些領域中，隨著我們進一步投資於核心產品、內部工具和研發工作中的生成式人工智慧，我們預期人工智慧將成為投資成長最大的領域。我們計劃在2024年繼續注重效率，並減少公司其他領域的計劃招聘，以抵消部分成長。

The net effect of our efforts to close out our 2023 hiring underruns and our efficiency-focused 2024 budgeting process is that we expect to end next year with reported in-seat headcount meaningfully higher than our current headcount but to grow at a slower rate beyond that. We also expect a step-up in infrastructure-related expense growth next year as we recognize higher depreciation and operating costs from running an expanded infrastructure footprint.

我們努力彌補2023年的招聘不足，並注重效率，制定了2024年的預算流程，最終的結果是，我們預計明年年底的在職員工人數將顯著高於當前人數，但增長速度將有所放緩。我們也預計，明年基礎設施相關支出的成長將加快，因為我​​們意識到，擴大基礎設施規模將導致折舊和營運成本增加。

In addition, we continue to monitor the active regulatory landscape, including the increasing legal and regulatory headwinds in the EU and the U.S. that could significantly impact our business and our financial results. Of note, the FTC is seeking to substantially modify our existing consent order and impose additional restrictions on our ability to operate. We are contesting this matter, but if we are unsuccessful, it would have an adverse impact on our business.

此外，我們持續關注當前的監管情勢，包括歐盟和美國日益嚴峻的法律和監管挑戰，這些挑戰可能會對我們的業務和財務表現產生重大影響。值得注意的是，美國聯邦貿易委員會 (FTC) 正尋求大幅修改我們現有的同意令，並對我們的營運能力施加更多限制。我們正在就此事提出異議，但如果我們未能成功，將對我們的業務產生不利影響。

Turning now to the revenue outlook. We expect fourth quarter 2023 total revenue to be in the range of $36.5 billion to $40 billion. Our guidance assumes a foreign currency tailwind of approximately 2% to year-over-year total revenue growth in the fourth quarter based on current exchange rates.

現在談談收入展望。我們預計2023年第四季總營收將在365億美元至400億美元之間。我們的指引假設，根據目前匯率，第四季外幣匯率將推動總營收年增約2%。

Turning now to the expense outlook. We anticipate that our full year 2023 total expenses will be in the range of $87 billion to $89 billion, lowered from our prior range of $88 billion to $91 billion. This outlook includes approximately $3.5 billion of restructuring costs related to facilities consolidation charges and severance and other personnel costs. We expect Reality Labs operating losses to increase year-over-year in 2023.

現在談談支出前景。我們預計2023年全年總支出將在870億美元至890億美元之間，低於先前預期的880億美元至910億美元。此預期包括與設施整合費用、遣散費和其他人員成本相關的約35億美元重組成本。我們預計Reality Labs 2023年的營運虧損將年增。

We are also sharing a preliminary outlook for 2024 expenses, CapEx and our tax rate. We expect full year 2024 total expenses to be in the range of $94 billion to $99 billion. We continue to expect a few factors to be drivers of total expense growth in 2024. First, we expect higher infrastructure-related costs next year. Given our increased capital investments in recent years, we expect depreciation expenses in 2024 to increase by a larger amount than in 2023. We also expect to incur higher operating costs from running a larger infrastructure footprint. Second, we anticipate growth in payroll expenses as we work down our current hiring underrun and add incremental talent to support priority areas in 2024, which we expect will continue to shift our workforce composition toward higher-cost technical roles. Finally, for Reality Labs, we expect operating losses to increase meaningfully year-over-year due to our ongoing product development efforts in AR/VR and our investments to further scale our ecosystem.

我們也分享了2024年支出、資本支出和稅率的初步展望。我們預計2024年全年總支出將在940億美元至990億美元之間。我們仍認為，一些因素將成為2024年總支出成長的驅動因素。首先，我們預計明年基礎設施相關成本將會上升。鑑於我們近年來增加的資本投資，我們預計2024年的折舊支出增幅將高於2023年。我們也預計，擴大基礎設施規模將導致營運成本上升。其次，隨著我們努力減少目前的招募缺口，並在2024年增加人才以支持重點領域，我們預計薪資支出將有所成長，這將繼續導致我們的員工結構向成本更高的技術職位傾斜。最後，對於現實實驗室 (Reality Labs)，由於我們在AR/VR領域持續進行的產品開發，以及我們為進一步擴展生態系統而進行的投資，我們預計營運虧損將比去年同期大幅增加。

Turning now to the CapEx outlook. We expect 2023 capital expenditures to be in the range of $27 billion to $29 billion, updated from our prior estimate of $27 billion to $30 billion. We anticipate our full year 2024 capital expenditures will be in the range of $30 billion to $35 billion, with growth driven by investments in servers, including both non-AI and AI hardware, and in data centers as we ramp up construction on sites with the new data center architecture we announced late last year.

現在談談資本支出展望。我們預計2023年的資本支出將在270億美元至290億美元之間，高於我們先前估計的270億美元至300億美元。我們預計2024年全年資本支出將在300億美元至350億美元之間，成長主要來自對伺服器（包括非AI和AI硬體）以及資料中心的投資，因為我們正在加大建設基於去年年底宣布的新資料中心架構的站點的力度。

On to tax. Absent any changes to U.S. tax law, we expect our fourth quarter 2023 and full year 2024 tax rates to be similar to the third quarter of 2023. Please note that our outlook for 2024 expenses, capital expenditures and tax rate are preliminary estimates. In the future, we expect to provide our forward -- our initial forward year expense, CapEx and tax rate outlooks on the fourth quarter calls.

關於稅收。如果美國稅法沒有任何變化，我們預計2023年第四季和2024年全年的稅率將與2023年第三季相似。請注意，我們對2024年費用、資本支出和稅率的預測均為初步估計。未來，我們預計將在第四季度電話會議上提供我們對未來年度費用、資本支出和稅率的初步預測。

In closing, this was a good quarter for our business as our efficiency efforts are translating into improved financial results, and we're seeing momentum across our company priorities. We are excited to build on this work in 2024 as we invest in areas that have the potential to meaningfully transform how people engage with our services and with each other in the years ahead.

總而言之，本季我們的業務表現良好，因為我們在效率方面的努力正在轉化為財務業績的提升，並且公司各項工作都取得了良好的發展勢頭。我們期待在2024年繼續推進這項工作，投資於那些有可能在未來幾年顯著改變人們與我們服務互動方式以及彼此之間互動方式的領域。

With that, Dave, let's open up the call for questions.

戴夫，讓我們開始提問吧。

(Operator Instructions) Your first question comes from the line of Brian Nowak with Morgan Stanley.

（操作員指示）您的第一個問題來自摩根士丹利的 Brian Nowak。

I have 2. The first one, Mark, just wanted to ask you about the open-source model strategy. You've been a leader in developing a lot of unique open-source AI models. You've got some high-profile distribution partners now. How do you think about the strategic opportunity for Meta from the growing open-source model adoption? And then the second one, Susan, just on the operating losses at Reality Labs. I understand there's product development and efforts to scale the ecosystem. Can you help us understand or give us examples of expenditure going on within Reality Labs that could also be ported and used over at Family of Apps perhaps over time?

我有兩個問題。第一個問題，馬克，我想問您關於開源模型策略的問題。您在開發許多獨特的開源人工智慧模型方面一直處於領先地位。現在您已經擁有一些知名的經銷合作夥伴。您如何看待日益普及的開源模型為 Meta 帶來的策略機會？第二個問題，蘇珊，我想問 Reality Labs 的營運虧損。我知道他們正在進行產品開發和生態系統擴展。您能否幫助我們理解一下，或者舉例說明 Reality Labs 內部正在進行的支出，這些支出或許可以隨著時間的推移移植到 Family of Apps 上使用？

Sure. Okay. I can start with the AI models. We have a pretty long history of open sourcing parts of our infrastructure that are not kind of the direct product code. And a lot of the reason why we do this is because it increases adoption and creates a standard around the industry, which often drives forward innovation faster, so we benefit and our products benefit as well as there's more scrutiny on kind of security and safety-related things. So we think that there's a benefit there.

當然。好的。我可以從人工智慧模型開始。我們開源基礎設施中非直接產品程式碼的部分已有相當長的歷史。我們這樣做的主要原因是因為它能提高採用率，並在行業內建立標準，這通常會更快地推動創新，讓我們和我們的產品受益，同時對安全相關的審查也會更加嚴格。所以，我們認為這樣做是有好處的。

And sometimes, more companies running models or infrastructure can make it run more efficiently, which helps reduce our costs as well, which is something that we've seen with open compute. So I think that there's a good chance that, that happens here over time. And obviously, our CapEx expenses are a big driver of our costs, so any aid in innovating on efficiency is sort of a big thing there.

有時，更多公司運行模型或基礎設施可以提高其運作效率，這也有助於降低我們的成本，我們在開放運算領域已經看到了這一點。所以我認為，隨著時間的推移，這種情況很有可能發生。顯然，我們的資本支出是我們成本的一大驅動因素，因此，任何有助於提高效率的創新都至關重要。

The other piece is just that over time with our AI efforts, we've tried to distinguish ourselves as being a place that does work that will be shared with the industry and that attracts a lot of the best people to come work here. So a lot of people want to go to the place to work where their work is going to touch most people. One way to do that is by building products that billions of people use. But if you're really a focused engineer or researcher in this area, you also want to build the thing that's going to be the standard for the industry.

另一點是，隨著時間的推移，我們在人工智慧領域的努力，一直致力於打造一個與業界共享成果的平台，吸引許多優秀人才來此工作。因此，許多人都希望在自己的工作能夠惠及大多數人的地方工作。實現這一目標的方法之一是打造數十億人使用的產品。但如果你是一位真正專注於該領域的工程師或研究人員，你也希望打造出能夠成為業界標準的產品。

So I think that's pretty exciting, and it helps us do leading work while, at the same time, a lot of the secret sauce that goes into our product has specific product logic on top of the model, and we're also able to further train the models with data that we have internally. So I think it's a good balance of improving the quality of what we do and improving the economics around it and improving recruiting while still enabling us to build a leading product.

所以我認為這非常令人興奮，它幫助我們在工作中保持領先地位，同時，我們產品中的許多秘密配方都基於模型之上的特定產品邏輯，而且我們還能利用內部數據進一步訓練模型。所以，我認為這在提升工作品質、改善經濟效益和優化招募流程之間取得了良好的平衡，同時仍然使我們能夠打造一款領先的產品。

And Brian, I'll go ahead and take your second question, which is on the operating losses at Reality Labs and whether there's any benefit to Family of Apps from some of that work. So first, I should clarify, the majority of our Reality Labs costs are direct costs in headcount, operating expenses and product COGS for the Reality Labs work. The remainder of the Reality Labs total costs are indirect costs such as facilities that get allocated based on our estimate of their benefit to Reality Labs.

Brian，我來回答你的第二個問題，關於Reality Labs的營運虧損，以及這些工作是否對Family of Apps有任何益處。首先，我應該澄清一下，Reality Labs的大部分成本是直接成本，包括員工人數、營運費用和產品銷貨成本。 Reality Labs總成本的其餘部分是間接成本，例如根據我們對Reality Labs收益的估算進行分配的設施成本。

Now as you alluded to, Reality Labs is working to build the future of online interactions. And we do expect you'll see some interesting ways that translate into work with the Family of Apps in the near term. For example, with avatars, you've already seen 1 billion avatars created so far. We expect that this will become increasingly important across the Family of Apps. And we're also starting to see how our hardware can help create unique content for Facebook and Instagram today with our Ray-Ban Meta smart glasses making it easier to capture and share the Family of Apps, including live-streaming, and we think that will obviously create more engaging content for the content ecosystem.

正如您所提到的，現實實驗室正在致力於建立線上互動的未來。我們期待您能在短期內看到一些有趣的方式，並將其轉化為與應用家族的合作。例如，就虛擬形象而言，迄今為止，您已經看到10億個虛擬形像被創建。我們預計，這將在整個應用家族中變得越來越重要。此外，我們也開始看到我們的硬體如何幫助Facebook和Instagram創造獨特的內容，例如，我們的雷朋Meta智慧眼鏡讓捕捉和分享應用程式家族的內容（包括直播）變得更加容易，我們認為這顯然會為內容生態系統創造更具吸引力的內容。

Longer term, obviously, we think there's a lot of value from operating our Family of Apps experiences on top of a new computing platform that we helped develop, for example, having glasses on that enable you to have our Meta AI assistant with you at all times. And as glasses scale, they'll make it increasingly easy to capture compelling content from a first person point of view while you're staying in the moment or the activity that you're doing and sharing that content should enrich our content ecosystems even further.

從長遠來看，我們顯然認為，在我們參與開發的全新運算平台上經營我們的應用程式系列體驗將帶來巨大的價值，例如，戴上眼鏡就能隨時隨地擁有我們的 Meta AI 助理。隨著眼鏡的規模不斷擴大，它們將使你能夠越來越輕鬆地以第一人稱視角捕捉引人入勝的內容，無論你身處當下還是正在進行的活動，並分享這些內容，這將進一步豐富我們的內容生態系統。

But again, the operating losses that are occurring within the Reality Labs segment are really driven by the Reality Labs work directly. And we think that over the sort of arc of the years ahead, there will be increasing shared benefits to our Family of Apps experiences.

但需要再次強調的是，現實實驗室部門的營運虧損其實是由現實實驗室的工作直接造成的。我們認為，在未來幾年內，我們的應用程式系列體驗將帶來越來越多的共享效益。

Your next question comes from the line of Eric Sheridan with Goldman Sachs.

您的下一個問題來自高盛的 Eric Sheridan。

Maybe on the business, I have 2. One, when you see maybe a wider divergence than we thought in terms of some of the regional performance of the advertising businesses, anything to call out region by region and teams of either macroeconomic conditions or levels of product initiatives having been rolled out in different parts of the world that might led to a wider divergence in operating performance in the ad business across the globe would be number one.

關於業務，我有 2 個看法。第一，當你看到廣告業務的某些區域表現可能比我們想像的差異更大時，任何能夠逐個地區地指出問題以及宏觀經濟條件或產品計劃水平的團隊在世界不同地區推出的因素都可能導致全球廣告業務的運營業績出現更大差異，這將是首要的。

And then two, Susan, you introduced this concept a couple of quarters ago about data center architecture, and you said it's now being deployed in the way you're allocating capital into the business. Is there any update on how we should be thinking about that on a multiyear view in terms of achieving additional capital efficiencies and be able to deploy less CapEx but maybe with a higher throughput or output on those dollars spent?

第二，Susan，您在幾個季度前提出了資料中心架構的概念，並表示現在它正在被運用到您的業務資本配置中。請問從長遠來看，我們應該如何考慮這個問題，以實現更高的資本效率，以及如何在減少資本支出的同時，實現更高的吞吐量或產出？

Thanks, Eric. So your first question, I think, was about regional trends or regional themes in our ad revenue, which as you saw this quarter accelerated across all regions. To give you a little bit of color, in North America, we saw accelerate by 7 points due primarily to strong demand from China advertisers. Note that North America didn't experience the same currency tailwinds that drove acceleration in year-over-year growth for the other regions. In the EU or in our EU region, we saw that accelerate 21 points. There was a broad-based acceleration in the region, including demand from China advertisers and some benefit from currency tailwinds after facing currency headwinds in Q2.

謝謝，Eric。我想，您的第一個問題是關於我們廣告收入的區域趨勢或區域主題。正如您所看到的，本季所有地區的廣告收入都出現了成長。簡單介紹一下，在北美，我們看到廣告收入成長了7個百分點，這主要得益於中國廣告商的強勁需求。需要注意的是，北美並沒有像其他地區那樣經歷貨幣利好因素，而其他地區則推動了廣告收入的年成長。在歐盟，或者說在我們的歐盟地區，我們看到廣告收入增加了21個百分點。該地區廣告收入普遍出現成長，包括來自中國廣告商的需求，以及在第二季遭遇貨幣逆風之後，貨幣利好因素帶來的部分收益。

Asia Pacific accelerated 9 points. We benefited from stronger demand in Southeast Asian countries, and again, the flip to currency tailwinds versus headwinds in Q2. Rest of World accelerated 20 points. We saw both stronger pricing and the same currency dynamic there. Brazil was a strong contributor to the region's acceleration due in part to increased advertisers -- demand from China advertisers targeting users in Brazil.

亞太地區成長了9個百分點。我們受惠於東南亞國家需求的增強，以及第二季貨幣順風與逆風的再次轉換。世界其他地區成長了20個百分點。我們看到這些地區的價格上漲，但貨幣動態保持不變。巴西是該地區成長的重要貢獻者，部分原因是廣告商的增加——來自瞄準巴西用戶的中國廣告商的需求。

Your second question was around the impact of the new data center architecture on our CapEx investments in the years to come. We are still relatively early on this. We had to pause some of our existing data center construction work to switch over to the new data center architecture that played through in some of our 2023 CapEx dynamics. And going forward, as I think we said when we introduced the concept of this architecture, we expect it to be more cost efficient for us. We expect it will give us greater fungibility in the way that we plan for CPU and GPU capacity. So we expect that we'll be realizing the cost benefits and efficiencies and the planning flexibility that the architecture gives us in the years to come.

您的第二個問題是關於新資料中心架構對我們未來幾年資本支出的影響。我們在這方面還處於相對早期的階段。我們不得不暫停一些現有的資料中心建設工作，以切換到新的資料中心架構，該架構在我們2023年的資本支出動態中發揮了作用。展望未來，正如我們在引入這種架構的概念時所說的那樣，我們預計它將為我們帶來更高的成本效益。我們預計它將使我們在規劃CPU和GPU容量時更具可互換性。因此，我們預計在未來幾年內，我們將實現該架構帶來的成本效益、效率和規劃靈活性。

And your next question comes from the line of Mark Shmulik with Bernstein.

您的下一個問題來自伯恩斯坦的馬克·施穆里克 (Mark Shmulik)。

The first is this month, you started to roll out some of those first kind of gen AI tools for ad creative. I'd love to hear a little bit about kind of how that's going. Are advertisers using this? And really, is it creating better ads on their behalf? And then secondly, as we kind of look ahead here to the fourth quarter, there's certainly been a lot of unfortunate geopolitical kind of activity around the globe. Would love to just understand some color on how that affects kind of Meta's ad business.

首先，本月，你們開始推出一些用於廣告創意的新一代人工智慧工具。我很想了解一下進展如何。廣告商有在使用它們嗎？這些工具真的能幫他們創作出更好的廣告嗎？其次，展望第四季度，全球確實發生了許多令人擔憂的地緣政治事件。我很想了解這些事件對 Meta 的廣告業務有何影響。

Thanks, Mark. I can take both of those. So your first question was around gen AI tools, especially for advertisers, and you'll see that we have been increasingly testing these in our AI Sandbox. And then as they become more mature, we incorporate them into our Ads Manager directly. We've incorporated them into some of our Advantage+ solutions.

謝謝，馬克。這兩個問題我都可以回答。你的第一個問題是關於新一代的人工智慧工具，尤其是針對廣告商。你會發現，我們一直在人工智慧沙盒中不斷測試這些工具。隨著它們越來越成熟，我們會直接將它們整合到我們的廣告管理員中。我們也已經將它們整合到了一些 Advantage+ 解決方案中。

A few that I would highlight that we're rolling out this quarter are text variations, so generating multiple versions of ad text based on an advertiser's original copy that helps highlight the selling points of their products and services, giving them multiple text options to better reach their audience. Another one is image expansion, which helps adjust creative assets to fit different aspect ratios across multiple services like Feed or Reels. That allows advertisers to spend less time themselves trying to repurpose their creative assets in these different formats. Another one is background generation, creating multiple backgrounds to complement the advertisers' product images, allowing advertisers to tailor their creative assets for different audiences. And we're making this available actually through Advantage+ catalog ads.

我想強調的是，我們本季將推出的幾項功能包括：文字變體。基於廣告主的原始文案，產生多個版本的廣告文字，幫助突出其產品和服務的賣點，為他們提供多種文字選擇，從而更好地接觸受眾。另一個功能是圖片擴展，它可以幫助調整創意素材，使其適應Feed或Reels等多種服務中的不同寬高比。這使得廣告主可以減少在各種格式中重複利用創意素材的時間。還有一個功能是背景生成，可以創建多個背景來補充廣告主的產品圖片，使廣告主能夠根據不同的受眾自訂創意素材。我們實際上正在透過Advantage+目錄廣告提供這項功能。

And so we really feel like we've introduced quite a lot of new ads products and features. You asked about the gen AI one specifically, so those are the ones I highlighted. We've actually introduced a number of others that are related to other dimensions of the ad creation experience that we expect will help improve our advertising performance, will help advertisers drive sales, especially over the holidays and especially in the Advantage+ shopping suite. So we're very excited about all of those upcoming launches, and we think that the early advertiser feedback has been very positive.

因此，我們確實感覺我們推出了不少新的廣告產品和功能。您特別提到了新一代人工智慧廣告，所以我重點介紹了這些。實際上，我們也推出了一些與廣告創作體驗其他維度相關的功能，我們預計這些功能將有助於提升我們的廣告效果，幫助廣告商推動銷售，尤其是在假日期間，尤其是在 Advantage+ 購物套件中。因此，我們對所有即將推出的功能感到非常興奮，我們認為早期廣告商的回饋非常積極。

Your second question was on looking ahead in Q4 and the impact of some of the geopolitical activity that we've seen around the world and how that might be affecting our business. So first, I think I should start by saying that our thoughts are with everyone who has been impacted by the horrific violence in the Middle East, and we know that our services can be a vital tool for information and connection and expression at a moment like this. And we're continuing to monitor the situation and are doing everything we can to keep people safe and to keep our services secure.

您的第二個問題是展望第四季度，以及我們所看到的全球地緣政治活動的影響，以及這些活動可能如何影響我們的業務。首先，我想說，我們與所有受到中東恐怖暴力事件影響的人們同在。我們知道，在這樣的時刻，我們的服務是獲取資訊、建立連結和表達情感的重要工具。我們持續關注事態發展，並竭盡全力保障人們的安全，確保我們的服務安全。

Now in terms of how this translates into impact on the Q4 business, first of all, I should say that coming into Q4, we've been seeing continued strong advertiser demand in key segments, including online commerce and gaming. But having said that, we are also seeing more volatility at the start of the quarter. That's in part why we widened our guidance range to capture that uncertainty. And so for instance, while we don't have material direct revenue exposure to Israel and the Middle East, we have observed softer ad spend in the beginning of the fourth quarter, correlating with the start of the conflict, which is captured in our Q4 revenue outlook.

就此對第四季度業務的影響而言，首先，進入第四季度，我們看到包括線上商務和遊戲在內的關鍵領域廣告客戶需求持續強勁。但話雖如此，我們也在本季初看到了更多波動。這也是我們擴大業績預期範圍以因應這種不確定性的原因之一。例如，雖然我們在以色列和中東地區沒有重大的直接收入敞口，但我們觀察到第四季度初的廣告支出有所疲軟，這與衝突的爆發有關，這已反映在我們的第四季度收入展望中。

It's hard for us to attribute demand softness directly to any specific geopolitical event. Historically, we have seen broader demand softness follow other regional conflicts in the past such as in the Ukraine war. So this is something that we're continuing to monitor. We've reflected the latest trends and advertiser reaction that we've seen into our Q4 outlook, which again, we think, reflects the greater uncertainty and volatility in the landscape ahead.

我們很難將需求疲軟直接歸咎於任何特定的地緣政治事件。從歷史上看，過去在其他地區衝突（例如烏克蘭戰爭）之後，我們曾見過更廣泛的需求疲軟。因此，我們將繼續關注這一問題。我們已經將最新趨勢和廣告主的反應反映在了第四季度的展望中，我們認為這再次反映了未來情況的更大不確定性和波動性。

I want to add here, too, that we are pleased with the fundamentals of the business and with our execution. We've seen promising engagement trends. We're continuing to drive ad performance improvements. We're executing well on our company priorities. So we'll continue to stay focused in those areas, and we'll also remain disciplined with our investment approach as we navigate a volatile environment.

我還想補充一點，我們對業務基本面和執行情況感到滿意。我們看到了令人鼓舞的互動趨勢。我們正在持續推動廣告效果的提升。我們正在出色地執行公司的優先事項。因此，我們將繼續專注於這些領域，並在應對動盪的市場環境時，保持嚴謹的投資策略。

Your next question comes from the line of Doug Anmuth with JPMorgan.

您的下一個問題來自摩根大通的 Doug Anmuth。

One for Mark and one for Susan. Mark, I was hoping you could talk more about the gen AI-driven vertical chatbots and Meta AI assistant rolled out of Connect a few weeks ago. How do you think about the potential for these products to improve both engagement and monetization over time? And then Susan, I know it's early, but I was hoping you could talk a little bit qualitatively about some of the puts and takes to 2024 revenue growth, and then in particular, whether you'd expect revenue to grow faster than expenses off a normalized revenue base backing out restructuring?

一個是馬克的問題，一個是蘇珊的問題。馬克，我希望你能多談談幾週前 Connect 推出的新一代人工智慧垂直聊天機器人和元人工智慧助理。你認為這些產品在未來提升用戶參與度和獲利能力的潛力如何？蘇珊，我知道現在談這個問題還為時過早，但我希望你能定性地談談 2024 年收入增長的一些利弊，特別是，在排除重組因素的情況下，你是否預計收入增長速度會快於支出增長速度？

Sure. I could talk about some of the AI launches first. We launched Meta AI, which is sort of an AI assistant that you can ask different questions and get access to real-time information as well as generating images. And we also launched the first version of AI studio with several initial AI characters that you can interact with. And part of the idea here is that we think that having a basic assistant is really important, but we think that people are going to -- that there are going to be lots of different AIs that people interact with.

當然。我可以先談談一些即將發布的人工智慧產品。我們推出了Meta AI，這是一種人工智慧助手，你可以提出不同的問題，取得即時訊息，還能產生影像。我們也推出了AI Studio的第一個版本，其中包含幾個可以互動的初始人工智慧角色。我們的想法是，我們認為擁有一個基礎助手非常重要，但我們認為人們將會——將會有許多不同的人工智慧與人們互動。

We think ultimately, most creators are going to want one to help grow and engage their community. We think most businesses are going to want one to help support their customers and help drive commerce. So we think that there are going to be a lot of different AIs. In terms of engagement, the first order effect is, I think at scale, I think that this is going to be one of the ways that people use our messaging apps and communicate with -- and you're going to talk to people, and you'll talk to AIs.

我們認為，最終大多數創作者都會希望人工智慧能夠幫助他們成長並吸引社群參與。我們認為大多數企業也希望人工智慧能夠幫助他們支援客戶並推動商業發展。因此，我們認為未來將會有許多不同的人工智慧。就參與度而言，我認為從規模來看，首要效應是，這將成為人們使用我們的訊息應用並進行溝通的方式之一——你可以與人交談，也可以與人工智慧交談。

What the mix of that is, I think, will kind of shift over time, and I don't think anyone can really predict that. But this is a new use case that doesn't take away from people interacting with people. If anything, it should -- and we're designing these to make it so that they can help facilitate and encourage interactions between people and make things more fun by making it so you can drop in some of these AIs into group chats and things like that just to make the experiences more engaging. So this should be incremental and create additional engagement.

我認為，這些組合的形式會隨著時間的推移而變化，我認為沒有人能夠真正預測這一點。但這是一個新的用例，它不會剝奪人與人之間的互動。如果有什麼不同的話，它應該——我們正在設計這些功能，以便它們能夠幫助促進和鼓勵人與人之間的互動，並通過將一些人工智能加入群聊等類似活動中來讓互動變得更有趣，從而提升體驗的吸引力。所以這應該是漸進式的，並創造額外的參與。

The AIs also have profiles in Instagram and Facebook and can produce content, and over time, are going to be able to interact with each other. And I think that's going to be an interesting dynamic and an interesting -- almost a new kind of medium and art form. So I think that will be an interesting vector for increasing engagement and entertainment as well. So I'm excited about that. Of course, whenever there's more engagement in the apps, that creates the opportunity for more monetization. So there's that on the monetization side.

這些人工智慧在Instagram和Facebook上也有個人資料，可以創作內容，並且隨著時間的推移，它們將能夠相互互動。我認為這將是一個有趣的動態，幾乎是一種新的媒介和藝術形式。所以我認為這也將成為提升參與度和娛樂性的一個有趣的載體。我對此感到很興奮。當然，只要應用程式的參與度更高，就會創造更多獲利的機會。所以，這就是獲利方面的問題。

And then the other big opportunity on monetization, which I talked about upfront, is just business messaging. One of the big things that I think is a key unlock for making the business messaging -- for making that business model work around the globe is effectively making it so that businesses in countries where there's a higher cost of labor can have an AI that can respond to messages from people so that way, it's not cost prohibitive for them to engage in that type of interaction with customers.

然後，我在前面提到了另一個重要的獲利機會，那就是商業訊息。我認為，讓商業訊息傳遞——讓這種商業模式在全球範圍內發揮作用——的關鍵之一，就是有效地讓勞動力成本較高的國家的企業能夠擁有能夠回复人類消息的人工智能，這樣一來，他們與客戶進行此類互動的成本就不會過高。

So I think that if we can -- as we are able to roll out the business AIs, I think that, that can really unlock and grow the business messaging business in a big way, but we have a lot of work to do to get there. So that's kind of a basic view on how I think this will affect the engagement in business.

所以我認為，如果我們能夠——隨著我們能夠推出商業人工智慧，我認為這將真正釋放並大幅提升商業訊息傳遞業務，但要實現這一目標，我們還有很多工作要做。以上就是我對這將如何影響商業參與度的一個基本看法。

I'm happy to take the second question. Thanks, Doug. We obviously have not shared a 2024 revenue outlook yet. You asked about what are some of the significant puts and takes, and I'd maybe point back to what I said earlier about the Q4 outlook just to highlight what a volatile macro environment we believe we're in. I think that will obviously have a big impact on the advertising market next year, and it's something we'll be keeping a very close eye on. But ultimately, we're very subject to volatility in the macro landscape.

我很高興回答第二個問題。謝謝，Doug。我們顯然還沒有分享2024年的營收展望。您問到了一些重要的利弊，我或許可以回顧一下我之前關於第四季展望的內容，以強調我們認為我們所處的宏觀環境是多麼動盪。我認為這顯然會對明年的廣告市場產生重大影響，我們將密切關注。但最終，我們很容易受到宏觀環境波動的影響。

Certainly, our own ads performance is an area where we have invested a lot, and we've seen a lot of increased value that we've been driving for marketers. We've been increasing the conversions we deliver, higher -- and offering higher return on their ad spend. So we think that will be an important factor. We're continuing to enroll a lot of new features, both gen AI and not in our ads tool, and we're continuing to improve the ranking and delivery models that underlie our ads infrastructure. We'll also be obviously lapping stronger periods, especially in -- as you saw with this quarter's results. So all of those factors, I think, will play into the 2024 revenue outlook.

當然，我們在廣告成效方面投入了大量資金，並且已經看到我們為行銷人員帶來的價值大幅提升。我們一直在提高轉換率，並提高他們的廣告支出回報率。因此，我們認為這將是一個重要因素。我們正在繼續添加許多新功能，包括人工智慧（Gener AI）和非人工智慧（Ingen AI）功能，並且我們正在持續改善構成我們廣告基礎設施的排名和投放模式。我們顯然也會經歷一些業績強勁的時期，尤其是在—正如您在本季的業績中所看到的。因此，我認為所有這些因素都將影響2024年的收入前景。

You also asked about kind of the expense philosophy next year, whether expense growth will be tied to revenue growth. Obviously, the revenue outlook is uncertain. We talked a little bit about the -- what's going into the preliminary expense guide for 2024. The big components there are around infrastructure expenses. We do expect, given the increased capital investments that we have made in recent years, that depreciation expenses in 2024 will increase by a larger amount than in 2023. And we expect to incur higher operating costs from running a larger infrastructure footprint.

您也問到明年的費用概念，費用成長是否會與收入成長掛鉤。顯然，收入前景尚不確定。我們稍微談了一下2024年初步費用指南的內容。其中主要內容是基礎設施費用。鑑於我們近年來增加的資本投資，我們預計2024年的折舊費用將比2023年增加更多。而且，我們預計，營運更大的基礎設施規模將產生更高的營運成本。

The second big driver is on payroll. We anticipate payroll growth driven by the spillover of hiring that we had intended for 2023 into 2024. And we do expect that Family of Apps will be a larger source of payroll expense growth than Reality Labs in 2024. Additionally, hiring will generally be concentrated in technical roles, which will continue to shift our workforce composition towards a higher cost basis. And of course, the final piece being Reality Labs operating losses, which we expect to increase in 2024 across both the expense growth from higher payroll costs as well as higher non-headcount cost to support the development of our next-gen VR and AR products.

第二大驅動力是薪資成長。我們預期薪資成長將由我們原計劃在2023年進行的招募外溢效應推動，並延續到2024年。我們確實預計，到2024年，應用家族將成為薪資支出成長的主要來源，其規模將超過現實實驗室。此外，招聘通常將集中在技術職位，這將繼續使我們的員工構成朝著更高的成本基數轉變。當然，最後一個因素是現實實驗室的營運虧損，我們預計2024年，由於薪資成本增加以及支援下一代VR和AR產品開發的非員工成本增加，該虧損將進一步擴大。

How the expense and revenue outlook come together? Obviously, that's -- as we get more information on the revenue outlook for next year, that will influence that. Ultimately, we have talked about the framework that we introduced in the past. We recognize that we have very ambitious investments on the horizon, including over a long time horizon with our Reality Labs work and newer, equally ambitious investments we've added in the gen AI road map more recently. And we recognize that we have to earn the ability to invest in all of those things by delivering consolidated operating income growth over time. So that's something we're very much focused on.

支出和收入前景如何結合？顯然，隨著我們獲得更多關於明年收入前景的信息，這將對其產生影響。最終，我們已經討論了我們過去提出的框架。我們意識到，我們即將進行非常雄心勃勃的投資，包括對現實實驗室工作的長期規劃，以及最近在新一代人工智慧路線圖中新增的同樣雄心勃勃的投資。我們認識到，我們必須透過實現合併營業收入的長期成長，才能獲得投資所有這些項目的能力。因此，這是我們非常關注的事情。

Your next question comes from the line of Justin Post with Bank of America Merrill Lynch.

您的下一個問題來自美銀美林的賈斯汀波斯特 (Justin Post)。

Great. I guess I'll ask about the DSA and DMA and also press reports that there could be a subscription offering in Europe. Maybe, Mark, how do you think about subscription usage for Facebook? Maybe an update on how Meta Verified is going and how you're thinking about the evolution of the model in Europe. Maybe we'll start with that. And then for Susan, I know you've talked a lot about Chinese advertisers. How do you think that could affect the growth as you comp that next year?

好的。我想問一下直接銷售廣告 (DSA) 和直接行銷廣告 (DMA)，以及歐洲可能推出訂閱服務的新聞報導。馬克，您如何看待 Facebook 的訂閱使用情況？或者，您可以談談 Meta Verified 的進展，以及您如何看待該模式在歐洲的演變。或許我們可以先從這方面談起。然後，蘇珊，我知道您經常談到中國廣告商。您認為這會如何影響明年的成長？

Justin, thank you for the question. I think there are multiple parts there, and I will do my best to address all of them. But of course, let me know if I miss anything.

Justin，謝謝你的提問。我覺得這個問題牽涉到很多方面，我會盡力一一解答。當然，如果我漏掉了什麼，也請告訴我。

So the first question was sort of around operating in Europe, in particular, the legal basis for ads. So as we announced in August, we intend to evolve our legal basis for processing personal data for ads to a consent model in the EU, the EEA and Switzerland, given the recent regulatory developments in those regions. We don't have any further details to share on the exact implementation at this time. We're continuing to engage with the DPC and other regulatory authorities on our proposed consent model. But we're committed to making this move as soon as possible, and we will provide an update when we have it.

所以第一個問題是關於在歐洲運作的，特別是廣告的法律基礎。正如我們8月宣布的那樣，考慮到歐盟、歐洲經濟區和瑞士地區最近的監管發展，我們打算將處理廣告個人資料的法律基礎改進為「同意模式」。目前，我們還沒有關於具體實施的更多細節可以分享。我們正在繼續與資料保護委員會（DPC）和其他監管機構就我們提議的「同意模式」進行溝通。我們致力於盡快推進這項舉措，一旦有進展，我們將及時更新。

The second question you asked was about Meta Verified. So we're still, I think, quite early here but we've rolled out Meta Verified for creators to most markets globally. We continue to hear positive feedback from creators as we've helped them more easily establish their presence on Facebook and Instagram. We also have recently begun testing Meta Verified for businesses on Facebook and Instagram in select countries, and we have plans to expand that to businesses on WhatsApp in the future. And this will allow businesses to more easily stand out on our apps and build confidence with their customers and let their customers know that they're chatting with the right business. So we're encouraged by the early signs that we're seeing there, but again, very early and not a lot more to share right now.

您提出的第二個問題是關於 Meta 驗證的。我認為我們現在還處於早期階段，但我們已經在全球大多數市場為創作者推出了 Meta 驗證。我們不斷收到創作者的正面回饋，因為我們幫助他們更輕鬆地在 Facebook 和 Instagram 上建立自己的品牌。我們最近也開始在部分國家測試針對 Facebook 和 Instagram 上企業的 Meta 驗證，並計劃未來將這項服務擴展到 WhatsApp 上的企業。這將使企業更容易在我們的應用程式上脫穎而出，贏得客戶的信任，並讓客戶知道他們正在與合適的企業溝通。因此，我們對看到的早期跡象感到鼓舞，但同樣，現在還處於初期階段，無法分享更多資訊。

The third part of your question was around Chinese advertisers. So spend from Chinese advertisers further accelerated for us in Q3. We have benefited from strong investments from a few of our larger clients. We've also seen generally broader-based strength from other China advertisers, and we believe factors such as lower shipping costs and easing regulations on the gaming industry have served as tailwinds here. But I think there has been a broader story of improved growth across all advertiser regions in Q3, and even excluding China, advertisers revenue growth has accelerated nicely.

您問題的第三部分是關於中國廣告商的。因此，第三季我們在中國廣告商的支出進一步加速成長。我們受益於一些大型客戶的強勁投資。我們也看到其他中國廣告商普遍表現強勁，我們認為運輸成本降低和遊戲產業監管放鬆等因素也起到了推動作用。但我認為，第三季所有廣告商地區的成長都出現了更廣泛的改善，即使不包括中國，廣告商的收入成長也顯著加快。

And you kind of alluded to whether there's -- the sustainability of the China advertising revenue. And even though we've seen particularly strong growth this year, I would say that there has been a longer-term trend of overall growth with this segment dating back to past years and also periods of volatility in the past. Like in the last 2 years, we've seen periods with higher shipping costs with lockdowns, with regulation weighing on demand. So we recognize there's the potential for volatility in the future as well and especially given that there are so many macro factors at play that are quite hard to predict.

您剛才提到了中國廣告收入是否具有可持續性。儘管今年我們看到了特別強勁的成長，但我想說的是，這一領域總體上存在著長期成長趨勢，這可以追溯到過去幾年，也包括過去的波動時期。例如在過去兩年裡，我們經歷了運輸成本上漲、封鎖以及監管措施抑制需求的時期。因此，我們認識到未來也存在波動的可能性，尤其是考慮到有太多宏觀因素在起作用，而且這些因素很難預測。

Your next question comes from the line of Youssef Squali with Truist.

您的下一個問題來自 Truist 的 Youssef Squali。

Two quick questions for me. First, can you share any early read into demand for Quest 3? It's been out for 10 days, but I think you've been taking orders from [at least the last 3 weeks]. And is it priced to be at least gross profit breakeven or not necessarily? And then second, Susan, for 2024 as we think about growth, can you speak maybe about political spend contribution that you've had back in 2020 and how that may inform how we should think about its contribution for 2024?

我有兩個簡單的問題。首先，您能否分享一下對Quest 3需求的初步了解？它已經發布10天了，但我認為你們至少在過去3週內一直在接訂單。它的定價至少會達到毛利損益平衡嗎？還是不一定？其次，Susan，考慮到2024年的成長，您能否談談你們在2020年的政治支出貢獻，以及這將如何影響我們對2024年政治支出貢獻的思考？

Sure. So the first part of your question was early sort of signals with Quest 3. We are not sharing any explicit expectations for Quest 3, either Q4 Reality Labs revenue, unit sales, et cetera. But we are very excited to have Quest 3 in market, in particular, during the holiday shopping period. We think early reviews have been great. And we're very excited to have a product out there that are going to introduce a lot of people to mixed reality experiences for the first time. So it's very early. I think we don't have very many more specifics. But again, we're quite excited to have it in the market and to have it, in particular, during the holiday marketing season.

當然。你問題的第一部分是關於Quest 3的早期訊號。我們目前還沒有透露對Quest 3的任何明確預期，包括第四季度Reality Labs的收入、銷售等等。但我們非常高興Quest 3能夠上市，尤其是在假期購物季。我們認為早期的評價很棒。我們也非常高興能夠推出一款能讓許多人首次體驗混合實境的產品。所以現在還為時過早，我們目前還沒有更多細節。但再次強調，我們非常高興它能夠上市，尤其是在假期行銷季。

Your second question was about political spend. And so this is a place where I would say we saw acceleration and positive year-over-year growth in all verticals this quarter really except politics, which is lapping the lead-up to the 2022 U.S. midterms last year. So I will say though that this is also just a very small vertical for us, so there's not too much more to add there.

您的第二個問題是關於政治支出的。我想說，本季我們所有垂直領域都實現了加速成長，年比實現了正成長，但政治領域除外。去年，政治領域正值2022年美國中期選舉前夕。不過，這對我們來說只是一個很小的垂直領域，所以沒有太多值得補充的內容。

Dave, we have time for one last question.

戴夫，我們還有時間回答最後一個問題。

Certainly. That will come from the line of Ross Sandler with Barclays.

當然。這個職位將由巴克萊銀行的羅斯桑德勒 (Ross Sandler) 接任。

Mark, just going back to the AI agent theme. I know it's early, but how would you rank the overall strategy here around these AI agents and AI studio compared to other big initiatives that Meta has made in FoA over the years? Is this bigger than or as big as the Stories transition or the Reels transition? And any thoughts just kind of high level on that? And then the cost of serving up responses, especially stickers and images, is a little bit more expensive than your core business of aggregating the News Feed. So how much more expensive, I guess, is the question. And are there things you can do to bring that cost down?

馬克，回到AI代理的話題。我知道現在還為時過早，但與Meta多年來在FoA領域推出的其他重大舉措相比，您如何評價圍繞這些AI代理商和AI工作室的整體策略？這比Stories轉型或Reels轉型更大，還是與之一樣大？您對此有什麼高見嗎？此外，提供回應（尤其是貼紙和圖片）的成本比你們的核心業務——聚合News Feed——要高一些。所以，我想，問題在於高多少？你們有什麼措施可以降低成本嗎？

Yes, sure. In terms of how big this is going to be, it's hard to predict because I don't think that anyone has built what we're building here. I mean there's -- some analogy is like what OpenAI is doing with ChatGPT, but that's pretty different from what we're trying to do. Maybe the Meta AI part of what we're doing overlaps with the type of work that they're doing. But the AI characters piece, there's a consumer part of that. There's a business part. There's a creators part. I'm just not sure that anyone else is doing this. And when we're working on things like Stories and Reels, there were some market precedents before that. Here, there's technology which is extremely exciting. But I think part of what leading in an area and developing a new thing means is you don't quite know how big it's going to be.

是的，當然。至於最終規模有多大，很難預測，因為我認為目前還沒有人開發過我們正在開發的東西。我的意思是，有些東西可以類比OpenAI的ChatGPT，但這與我們嘗試做的事情截然不同。也許我們正在做的元人工智慧部分與他們正在做的工作類型有重疊。但人工智慧角色這部分，既有消費者的部分，也有商業的部分，也包括創作者的部分。我只是不確定是否有其他人也在做這件事。在我們開發Stories和Reels之類的產品時，之前也有一些市場先例。在這方面，有一些非常令人興奮的技術。但我認為，引領一個領域並開發一個新事物意味著你無法預測它最終會發展到多大。

But what I predict is that I do think that the fundamental technology around generative AI is going to transform meaningfully how people use each of the different apps that we build. I think for the Feed apps, I think that over time, more of the content that people consume is going to be either generated or edited by AI. Some of it will be creators will now have all these tools to make content more easily and more fun. And I think over time, maybe we'll even get to the point where we can just generate content directly for people based on what they might be interested in. I think that, that could be really compelling.

但我預測，圍繞生成式人工智慧的基礎技術將深刻改變人們使用我們所建構的各種應用的方式。就Feed應用程式而言，我認為隨著時間的推移，人們消費的更多內容將由人工智慧產生或編輯。其中一些內容創作者將擁有所有這些工具，可以更輕鬆、更有趣地創作內容。而且我認為，隨著時間的推移，我們甚至可能能夠直接根據人們的興趣為他們產生內容。我認為這將非常引人注目。

On the messaging side, I think that the way that we're looking at these AIs kind of ties into that directly where you'll be able to message with Meta AI or any of these different AIs for -- whether it's for fun, you have a question about something, you want to help doing something, you want to play a game or you want to message with a business for commerce or you want to engage with your favorite creator and they wouldn't normally otherwise have time to message you back but now they have an AI representing them that can. I think that, that will accrue to kind of to messaging behavior.

在訊息傳遞方面，我認為我們看待這些人工智慧的方式與此直接相關，你可以與元人工智慧或任何其他人工智慧發送訊息——無論是為了娛樂，你對某事有疑問，你想幫忙做某事，你想玩遊戲，你想與商家發送訊息進行商業活動，或者你想與你最喜歡的創作者互動，而他們通常沒有時間回覆你，但現在他們有了一個代表他們的人工智慧。我認為這將累積到某種形式的訊息傳遞行為。

It's going to change advertising in a big way. It's going to make it so much easier to run ads. Businesses that basically before would have had to create their own creative or images now won't have to do that. They'll be able to test more versions of creative, whether it's images or eventually video or text. So I think that that's really exciting, especially when paired with the recommendation AI.

它將徹底改變廣告業，讓廣告投放變得更容易。以前基本上需要自己製作廣告素材或圖片的企業現在不用再這麼做了。他們將能夠測試更多版本的廣告素材，無論是圖片，還是最終的影片或文字。所以我認為這真的非常令人興奮，尤其是與推薦人工智慧相結合的時候。

On the hardware side, I mean, obviously, the smart glasses that we just rolled out, we sort of thought were a precursor to eventually getting to displays and holograms for augmented reality, and I think we will eventually get there still. It's not that far off. But I think that now the ability to deliver AI through smart glasses may end up being a killer use case for that even before you get to the kind of augmented reality type of use cases.

在硬體方面，我的意思是，顯然，我們剛剛推出的智慧眼鏡，我們認為是最終實現擴增實境顯示器和全像圖的先驅，我認為我們最終會實現的。距離實現並不遙遠。但我認為，現在透過智慧眼鏡實現人工智慧的能力，甚至在實現擴增實境這類用例之前，可能就已經成為一個殺手級用例。

So I think you're basically seeing that there are going to be -- this is a very broad and exciting technology. And frankly, I think that this is partially why working in the technology industry is so awesome, right, is that every once in a while, something comes along like this that like changes everything and just makes everything a lot better. And your ability to just be creative and kind of rethink the things that you're doing to be better for all the people you serve, I mean, I just think that's a lot of what is energizing and fun around building companies like this.

所以我認為你基本上看到了——這是一項非常廣泛且令人興奮的技術。坦白說，我認為這也是在科技業工作如此棒的原因之一，對吧，因為每隔一段時間，就會出現一些像這樣的事情，改變一切，讓一切變得更好。而你能夠發揮創造力，重新思考你正在做的事情，以便更好地服務所有你服務的人，我的意思是，我認為這就是創建這樣的公司充滿活力和樂趣的地方。

But yes, it's hard sitting here now to be able to predict like what the metrics are going to be around, like what's the balance of messaging between AIs and people or what's the balance in Feeds between AI content and people content or anything like that. But I mean I'm highly confident that this is going to be a thing, and I think it's worth investing in.

不過，現在坐在這裡很難預測未來的指標會是什麼樣子，例如人工智慧和人類之間的訊息傳遞如何平衡，或者動態消息中人工智慧內容和人類內容如何平衡等等。但我非常有信心這會成為現實，而且我認為值得投資。

To the question about efficiency and costs, I think initially, it's most important to focus on getting to product market fit. And we obviously care a lot about efficiency, right? I mean the CapEx costs for our company are very significant, and it's one of the main things that weighs on the economic model of the company. So on the one hand, as we can improve the efficiency, we're able to do things like train bigger models and serve more people, which currently, right now, we're going to be bottlenecked on based on the amount of infrastructure that we have as this gets to the scales that we aspire to get to.

關於效率和成本的問題，我認為首先最重要的是專注於產品市場契合度。我們顯然非常重視效率，對吧？我的意思是，我們公司的資本支出成本非常高，這是影響公司經濟模式的主要因素之一。因此，一方面，隨著效率的提高，我們能夠訓練更大的模型，服務更多的人。而目前，由於我們現有的基礎設施有限，在達到我們期望的規模時，我們在這方面會遇到瓶頸。

So in the near term, the efficiency wins will primarily just be to deliver better products to more people. But over time, we're going to continue working on that. And I think we've been able to do pretty good work on efficiency on our hardware and compute. And over the long term, once we kind of have more of an understanding about what these products want to be, then we'll be able to drive the economic model based on that. But we'll work on that all throughout, but I think we're still in the pretty early part of that curve.

因此，短期內，效率的提升主要在於為更多人提供更好的產品。但隨著時間的推移，我們將繼續為此努力。我認為我們在硬體和計算效率方面已經取得了相當不錯的成績。從長遠來看，一旦我們對這些產品的目標有了更深入的了解，我們就能在此基礎上推動經濟模式的發展。我們會一直致力於此，但我認為我們仍處於發展曲線的早期階段。

Great. Thank you for joining us today. We appreciate your time, and we look forward to speaking with you again soon.

太好了！感謝您今天加入我們。感謝您抽出時間，期待很快能再次與您交流。

This concludes today's conference call. Thank you for joining us. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。現在您可以掛斷電話了。